One desirable type of apparatus for assuring well safety in the production of oil and/or gas is the use of a downhole valve in a well tubing which is actuated by a tensioned wireline extending to the earth's surface. Routine paraffin removal in wells fitted with such a wireline safety valve assembly is a troublesome operation. The invention described herein simplifies any paraffin removal operation by storing a paraffin cutter immediately above the wireline operated subsurface safety valve and then cutting paraffin as the wireline used for valve actuation is removed from the well. The principle of operation is that as the safety valve assembly operating wireline is removed an equalizing port is opened, a paraffin cutting device is exposed and removed from the well with a single operation. Thus, at least one wireline trip for the operation is eliminated.